The iThrive Blog


Four Tips To Help Transform A Struggling Small Business

UK Small Business Advice

It can feel like there is a wealth of information out there to help small business entrepreneurs learn how to be successful in business, but what if you are already running an older smaller business that is struggling? Thankfully, we’re here to provide UK small business advice. Here are four quick tips to help turn around the fortunes of your small business’ operations.

Firstly, if your small business has been running for some time, then it’s highly likely that it was successful at one point. So something happened to change the level of success that your business was experiencing. You need to examine the issues or factors that have affected this change. Are they external? Such as a new competitor arriving in the area? Or are they internal? Have you failed to update your product lines or services to suit modern needs? Looking at a problem head-on can be hard to do objectively if you are a small business owner. This is because you may start to jigsaw together the full picture of a problem and even track it back to just one decision you made some time ago. So go back to documentation and financial reports to find that last period when your business was doing well. What changed? Another vital piece of help for small business owners relates to the way that you market your business. Talk to your customers and ask them what you could do better. If you have contact details of old customers, send them an anonymous survey and ask them to kindly tell you what they would want to see in your business. It’s amazing how a lot of help for small businesses can come directly from listening to customers; and how often stubborn business owners think they know better than their customers!

But for small businesses, customer loyalty is so important. However, customer loyalty today needs to be complemented with a good marketing campaign. Email (which cost nothing), running social media pages (which costs nothing), and utilising search engine marketing (if you learn about it, you can do it for free) can help remind your customers of why they love your business. It’s amazing how much you can do for little-to-no amount of money. Another tip also relates to spending less money – slash your expenses. It can be hard to accept that you must shrink your business, as it may impact your own lifestyle, but sometimes it is needed to be more sustainable. This can be far more favourable to shutting up shop. Reducing product lines, services and employees can help to achieve this sustainability. Our fourth and final UK small business advice tip is to change the way your business is modelled. This is a very difficult thing to achieve, but it can be important to find ways to change who needs your products and services. It’s amazing how many businesses and industries throughout history have shifted their goalposts due to a change of direction of business model. Don’t worry if you’re feeling overwhelmed by the possibility of this change because you can find special business mentors helping small businesses across the UK to achieve such results.

So don’t be afraid to reach out for UK small business advice from such mentors or investing in courses that can teach you how to grow a business that is struggling.

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